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Job Creation Stalls, Unemployment Falls: A Look at Global Labor ...
2024-08-02 09:00:08
Economy
Employment
Unemployment

Job Creation Stalls, Unemployment Falls: A Look at Global Labor Markets

Despite a decline in job creation in July, unemployment rates have reached their lowest levels in years. Female affiliation and youth unemployment have also improved.

However, there has been an increase in temporary contracts and a decrease in permanent employment. Colombia, in particular, is facing challenges in stabilizing its economy after the pandemic.

While some sectors show signs of improvement, others remain stagnant. Disparities in regional and demographic unemployment rates persist, highlighting structural issues in the labor market.

Singapore, on the other hand, has seen a decline in unemployment rates, with certain industries experiencing growth. Overall, the outlook for employment growth is positive, but uncertainties remain.

Related news on that topic:

Emerging Cracks in Economy as Fed Debates Rate Cut

Weakening economic data, including rising jobless claims, a contracting manufacturing sector, and a declining employment index, has led the market to anticipate a 20% chance of a 50 basis point interest rate cut by the Fed in September. Traders have priced in bets on a rate cut, with 10-year Treasury yields falling below 4%. Economists argue that the Fed has been slow to recognize the cooling labor market and high inflation as a problem. The decision will depend on economic data, as the central bank balances its dual mandate. The central bank is also considering cutting rates in its November and December policy meetings, but it is increasingly unlikely that rates will be lowered more than once this year. The rate cut by the Bank of England provides some relief to businesses, but the cost of living crisis remains a challenge for households. The cut aligns with Labour's economic growth agenda, but the political battles offer little real relief to the UK economy.

US Economy Struggles as Unemployment Surges

The recent US jobs report revealed a concerning trend with only 114,000 jobs added, below expectations, leading to a jump in the unemployment rate to 4.3%. Small businesses are feeling the impact, planning fewer hires and slower wage growth. This unexpected turn has contradicted the Federal Reserve's outlook of a stabilizing job market. The possibility of a rate cut looms, yet a 'soft landing' is uncertain as the labor market shows signs of decline. With consumer spending driving GDP growth but unable to sustain it, coupled with manufacturing contraction and high federal transfer payments fueling inflation, the US economy faces a challenging landscape.

Read 6 more recent news on this topic

The press radar on this topic:

EL PAÍS
2. August 2024 um 01:40

Job creation in Colombia stalls in June and raises questions for the last stretch of the year

Economy
Finance
Politics
Official data indicate that the total number of unemployed rises to 10.3% and exceeds 2.5 million people Your subscription is being used on another device Your subscription is being used on another device and you can only access EL PAÍS from one device at a time. Colombia is seeking to stabilize its economic activity after the paralysis of the pandemic and a rapid but fleeting recovery. Now, while some official data begin to show some improvement, others remain stagnant. This time it has been..
VnExpress English
2. August 2024 um 07:21

Singapore's unemployment rates fall in June: ministry

Economy
Finance
Singapore's unemployment fell to 2.8% in June, with growth in finance, IT, health and social services offsetting retail declines. Employment rose, driven by non-resident workers, but 3,100 jobs were lost, mostly in services. Singaporean resident employment and seasonal hiring for year-end festivals also contributed. Economic expansion is expected to boost employment growth and wages in H2 2024, sustaining labor market momentum.
EL PAÍS
2. August 2024 um 07:01

Job creation stalls in July after five months, although unemployment falls to a 16-year low

Economy
Environment
Social Security lost 9,783 affiliates in July, interrupting 5 months of positive balances. Unemployment fell to a 16-year low. The job loss was due to education and the agricultural sector.
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